IMF says ‘India’s 8% growth forecast is not ours’, distances itself from top exec Krishnamurthy Subramanian

The International Monetary Fund said India’s 8% growth forecast is not our forecast. (Photo: Managing Director of the International Monetary Fund)

Washington:

The International Monetary Fund (IMF) said that recent remarks by IMF Executive Director Krishnamurthy Subramanian about India’s economic growth data did not represent the IMF’s view, but rather his position as India’s representative in the global body.

“The views expressed by Mr. Subramanian … were expressed in his capacity as India’s representative to the International Monetary Fund,” IMF spokesperson Julie Kozak told reporters in Washington today.

She was responding to a question about Mr Subramanian’s recent remarks in which he expected India to grow at 8%, which was different from the International Monetary Fund’s last growth forecast.

Mr. Subramanian said at an event in New Delhi on March 28 that if India doubled down on the good policies implemented over the past decade and accelerated reforms, the Indian economy could grow at 8% by 2047.

“So the basic idea is that at the rate India has grown over the past 10 years, if we can double down on the good policies we have implemented over the past 10 years and accelerate reforms, India can grow as fast as 8 percent between now and 2047 It will be down 1%,” he said.

An IMF spokesperson clarified: “We do have an Executive Board. That Executive Board is made up of Executive Directors who represent countries or groups of countries who make up the Executive Board of the IMF. Of course, this is different, from The work of the International Monetary Fund staff.”

The International Monetary Fund will update its World Economic Outlook in the coming weeks. “But our growth forecast through January is for a medium-term growth of 6.5%, which is a slight upward revision relative to October. Again, we will publish an updated forecast in a few weeks,” Ms. Kozak said.

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